Denali Advisors LLC Increases Stock Position in 1st Source Co. (NASDAQ:SRCE)

Denali Advisors LLC grew its stake in shares of 1st Source Co. (NASDAQ:SRCE) by 31.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 71,500 shares of the financial services provider’s stock after buying an additional 16,900 shares during the period. Denali Advisors LLC owned 0.29% of 1st Source worth $3,748,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP raised its stake in shares of 1st Source by 4.4% in the 4th quarter. Wellington Management Group LLP now owns 945,578 shares of the financial services provider’s stock valued at $51,960,000 after purchasing an additional 39,514 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in shares of 1st Source in the 3rd quarter valued at about $1,180,000. Boston Trust Walden Corp grew its position in shares of 1st Source by 5.3% during the 4th quarter. Boston Trust Walden Corp now owns 439,272 shares of the financial services provider’s stock valued at $24,138,000 after buying an additional 22,176 shares during the last quarter. Indiana Trust & Investment Management CO grew its position in shares of 1st Source by 68.9% during the 4th quarter. Indiana Trust & Investment Management CO now owns 44,588 shares of the financial services provider’s stock valued at $2,450,000 after buying an additional 18,187 shares during the last quarter. Finally, Rhumbline Advisers grew its position in shares of 1st Source by 47.2% during the 3rd quarter. Rhumbline Advisers now owns 50,983 shares of the financial services provider’s stock valued at $2,146,000 after buying an additional 16,344 shares during the last quarter. Institutional investors and hedge funds own 74.45% of the company’s stock.

1st Source Price Performance

SRCE stock traded down $1.35 on Wednesday, hitting $52.96. 23,769 shares of the company’s stock traded hands, compared to its average volume of 62,565. 1st Source Co. has a 1-year low of $40.96 and a 1-year high of $56.59. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of 10.93 and a beta of 0.80. The stock has a fifty day moving average of $51.11 and a 200-day moving average of $51.31. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.09.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings results on Thursday, April 25th. The financial services provider reported $1.19 EPS for the quarter, beating the consensus estimate of $1.17 by $0.02. The business had revenue of $138.62 million during the quarter, compared to the consensus estimate of $93.30 million. 1st Source had a net margin of 23.33% and a return on equity of 11.99%. During the same quarter in the prior year, the firm earned $1.25 EPS. On average, analysts forecast that 1st Source Co. will post 4.84 EPS for the current fiscal year.

1st Source Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Monday, May 6th were given a $0.34 dividend. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $1.36 annualized dividend and a dividend yield of 2.57%. 1st Source’s dividend payout ratio (DPR) is presently 27.36%.

Insider Activity at 1st Source

In other news, Director Daniel B. Fitzpatrick purchased 1,000 shares of 1st Source stock in a transaction that occurred on Wednesday, May 29th. The stock was acquired at an average price of $49.65 per share, for a total transaction of $49,650.00. Following the transaction, the director now owns 48,542 shares in the company, valued at $2,410,110.30. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Daniel B. Fitzpatrick bought 1,000 shares of the firm’s stock in a transaction on Wednesday, May 29th. The stock was bought at an average price of $49.65 per share, with a total value of $49,650.00. Following the purchase, the director now directly owns 48,542 shares of the company’s stock, valued at approximately $2,410,110.30. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Jeffrey L. Buhr sold 1,925 shares of 1st Source stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $50.84, for a total transaction of $97,867.00. Following the sale, the executive vice president now directly owns 68,327 shares of the company’s stock, valued at approximately $3,473,744.68. The disclosure for this sale can be found here. 19.44% of the stock is owned by insiders.

Analysts Set New Price Targets

Separately, Piper Sandler upped their target price on shares of 1st Source from $59.00 to $60.00 and gave the stock an “overweight” rating in a research report on Monday, April 29th.

About 1st Source

1st Source Corporation operates as the bank holding company for 1st Source Bank that provides commercial and consumer banking services, trust and wealth advisory services, and insurance products to individual and business clients. Its consumer banking services include checking and savings accounts; certificates of deposit; individual retirement accounts; online and mobile banking products; consumer loans, real estate mortgage loans, and home equity lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.